Blog
Let me guess – you compete on service. The majority of community banks say they do. It makes perfect sense when 94% of customers cite excellent service as the #1 consideration in choosing their banking provider, according to our most recent Community Bank Customer Commitment and Loyalty Survey.
But do you know what comprises “Excellent customer service” in the minds of your customers?
Many community banks want to optimize their sales efforts. Fewer realize they have the key to success within their own customer base. With smart use of data, you can focus sales and marketing efforts on your most promising prospects to reduce the frequency (and cost) of communications and improve the success of sales calls.
Are you “insidious and self-interested?” (Not you personally, but your bank?)
These are the words used by Mark Mullen, CEO and founder of Atom Bank, to describe Britain’s legacy banks. Atom is one of four, so-called, “challenger” banks who have been issued coveted licenses in the U.K. to provide a new, digital and optimized-for-mobile banking experience to attract the next generation of customers.
There is no doubt that capturing this new wave of banking customers will be a challenge. And we always knew it would take continued investment in technology… but rebranding as well?
For a few years now, we’ve believed that “Free-and-a-Gift” checking acquisition programs actually cost community banks in the long run.
We’ve worked with a number of banks to deliver a different approach that engages more new customers and in a way that’s representative of the community bank brand. And it works!
A well-designed, experience-rich website is at the core of any successful digital strategy. But for community banks, it’s not enough to drive new business.
Leveraging insights from the study of leading online-only and mobile financial solutions companies to employ a distinctive digital strategy can help community banks compete effectively and double their online business.
Off-the-shelf checking acquisition programs have been a staple in the industry for nearly 20 years. For some banks, they’ve proven successful in generating new accounts and driving fee income. But increasingly, their performance has left a lot to be desired.
A new approach tested by Galapagos clients has delivered results far superior to those free-and-a-gift programs, with higher response rates and generating new customer relationships beyond just free checking.
As a first step, it’s a good thing to look at what social media channels you’re using, how you’re using them and if they can be of assistance to help you with your business goals. I’m of the belief that not everything needs to be a venue to sell (surely you each have someone in your Facebook timeline right now who is constantly talking about that ONE THING that they sell – and every post from them is about how great that thing is and why you should buy in). Using social media like that alienates your connections and is a surefire way to get you unfriended (or, if your friends are more conflict avoidant, they’ll merely hide you from their news feed so they never see anything you post – without actually having to pull that trigger and unfriend you).
Your efforts should be measured and balanced – and from a professional standpoint, you should start by directing your focus towards one platform: LinkedIn.
(That’s not to say you should never post about what you do or seek referrals on Facebook – but feel free to keep that personal channel mostly personal! There will be more about Facebook to come next time!)
Because LinkedIn is primarily a business/networking social media platform, people are more receptive to your messages here. LinkedIn is not only a great tool to network with your colleagues, it’s a fantastic venue to read up on a prospect you wish to call on, or someone you’ll be meeting, prior to your meeting. A quick scan of someone’s profile gives you a chance to do a bit of sleuthing prior to your meeting – do you have any connections in common? Interests? Did you go to the same school?
The things you post on LinkedIn will show up in the feed of those you are connected with – you have a chance to post content that positions you as being up-to-date on what’s going on in the industry. The things you like on LinkedIn will also show up in the feeds of your connections (so don’t hesitate to “Like” posts from your organization’s LinkedIn page, or your teammates!). You’re all probably reading some fantastic industry specific news – don’t be afraid to share those articles with a little blurb – especially if that article relates to something that you can provide, or guidance you can offer.
Example – President Obama announced in January 2015 that FHA would drop the mortgage insurance rate. It would have been reasonable to post a link to that article with commentary – perhaps something along the lines of: “This is great news if you have an FHA loan – because it means that refinancing now allows you not only to take advantage of current low mortgage rates, but the drop in mortgage insurance rate as well!”
If you haven’t looked at LinkedIn in awhile, dust it off. Your efforts need not dwarf the efforts you spend with your existing clients or following up on leads received through your website – once your LinkedIn profile is polished and updated, you can get away with spending as little as 15 minutes a week there.
